CALGARY, ALBERTA--(Marketwired - May 29, 2013) - Pacific Iron Ore Corporation (TSX VENTURE:POC) ("POC" or the "Corporation") is pleased to announce that it has entered into an agreement with a private, arm's length British Columbia corporation pursuant to which POC has agreed to sell all of its interests in the Pearson Project mineral claims prospective for iron ore and located on Vancouver Island for $5.6 million. The Corporation has received a deposit of $2.5 million, $500,000 of which is non-refundable, and a subsequent contingent payment of $3.1 million is to be received on or before November 28, 2013 subject to the satisfaction of conditions. The transaction remains subject to typical conditions precedent, including due diligence and receipt of all required corporate and regulatory approvals, including acceptance by the TSX Venture Exchange. Upon completion of the transaction, POC intends to focus its exploration efforts on its 100% owned St. Anthony's gold project located in the Kenora Patricia mining district of Ontario.
Please refer to the Corporation's profile on SEDAR which can be accessed at www.sedar.com.
This release includes certain statements that may be deemed "forward-looking statements". Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause results to differ materially from those in the forward-looking statements include, but are not limited to: market prices; exploitation and exploration successes; continued availability of capital, financing and personnel; government regulation and laws; the Corporation's relationship with First Nations; environmental developments; and general economic, market or business conditions. Investors are cautioned that such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Pacific Iron Ore Corporation, Investors should review the Corporation's registered filings which are available at www.sedar.com.